In a significant development for the cryptocurrency market, Matrixport analyst Markus Thielen predicts that the U.S. Securities and Exchange Commission (SEC) will reject all bitcoin spot ETF proposals in January 2024. Despite recent updates to the applications and ongoing discussions with the SEC, Thielen believes these efforts fall short of meeting a crucial regulatory requirement. This outlook challenges the wider market expectation of potential approvals. Thielen’s analysis emphasizes the tough stance of SEC Chair Gary Gensler against the crypto industry, citing concerns over widespread non-compliance and fraud. This prediction signals a potential delay in the acceptance and integration of crypto-based financial products into mainstream finance, at least in the near future.

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